2025 Session
Last amended: 1981 session
§ 302A.505 — Advances
Plain-Language Summary
Allows corporations to advance money to officers and employees for expenses.
302A.505 ADVANCES.
A corporation may, without a vote of the directors, advance money to its directors, officers, or employees to cover expenses that can reasonably be anticipated to be incurred by them in the performance of their duties and for which they would be entitled to reimbursement in the absence of an advance.
History:
History: History:
1981 c 270 s 83
Practical Notes
A corporation can advance funds to its officers and employees for business expenses.